The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Michael W. Covelamazon.com
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
program (and they did end up cutting people). In essence Eckhardt was saying, “You are not special. You are not smarter than the market. So follow the rules. Whoever you are and however much brains you have, it doesn’t make a hill of beans’ difference. Because if you’re facing the same issues and if you’ve got the same constraints, you must follow
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Another Dennis student, Erle Keefer, went beyond his eccentricities: “Rich is probably the greatest trigger puller that I personally have ever known: he has the ability under tremendous pressure to stand there with his own money and pull the trigger when other people wilted. And when he was wrong, he could turn on a dime. That’s amazing
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
C&D’s trading inspired a great deal of mystification, but in reality they were a mass merchandiser who sold 90 percent of their products as loss leaders so they could make a gigantic profit on the remaining 10 percent. Sometimes they had to wait a long time for good things to happen. Most people can’t psychologically handle the wait.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The successful trader is the one who codifies, the one who turns things into rules. Every idea that’s market-worthy must then be tested.”
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
You can’t have a standard attitude about money and do well in this business. What do I mean by that? Well, my father, for instance, worked for the city of Chicago for 30 years, and he once had a job shoveling coal. So, just imagine coming from his frame of reference, and thinking about losing $50 in a few seconds trading commodities. To him, that m
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To those who saw them up close, Dennis had the capacity to make an observation in an instant that would take someone else weeks of painstaking math to figure out. Even Eckhardt marveled as Dennis’s knack to intuitively see “it”: “Look what this means. Look at the deep axiom in here. It works.” That said, Eckhardt was the mathematical genius. He was
... See moreMichael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Instead of introducing the course with a lecture on making money, he was laying the foundation for what the students had to do when they lost money.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Disassociating the dollars from the trading was a huge part of what was instilled in the Turtles.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
That is not to say losses are easy to accept, but Dennis and Eckhardt taught the Turtles not to consider their trading in terms of amounts of money. They wanted them to think of money as a variable, because in that way, regardless of account size, they could make the correct trading decisions at all times.